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Permissive Property Tax Exemption Policy updates approved
City of Cranbrook council last month approved updates to the Permissive Property Tax Exemption Policy.
The updates adjust the annual budget cap to 0.9% of the current year tax levy, the deadline for submission of applications to May 31, extend term of future permissive tax exemption bylaws from one to four years, and adjust the maximum exemption available to take into account the number of months an organization delivers its primary service.
Best practices suggest municipalities adopt a policy to ensure property tax exemptions align with city objectives and remain financially sustainable, said city finance director Charlotte Osborne.
Cranbrook approved its Permissive Property Tax Exemption Policy No. 40-550 in 2019, and the program continues to evolve.
Staff have identified several recommended changes that are straightforward to implement and do not require a full review, while other areas may need further council discussion on priorities, she added.
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